Payne's Perspective: September 28, 2020: Open to Living Life
Once again, I have to begin my Perspective with the human plight of the pandemic in the form of economic data. Initial Jobless and Continuing Jobless Claims were ahead of consensus and it’s still too high at 870,000.
Federal Reserve & Job Transition
However, 10.5% of workers in transition in July were unemployed versus only 2.8% from a year earlier. The data suggests the labor market is more difficult for a woman over 45 years old who previously earned less than $60,000. There has been a sharp decline in those expecting job offers. This gives credence to the K-shaped recovery, which unfortunately invites false political solutions.
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